Wendy's Chili:The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

Wat? I heard it was the other way around: Summers has the best record for deregulating the economy while Yellen has the best when it comes to predicting crises and the after effects. She is more likely to do something about unemployment too.

EyeballKid:GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.

Clearly, he is the most liberal socialist to ever liberally socialize a liberal socialist.

If he's a libby lib lib then I must be Attila the Hun.

Obama is a corporatist, my friend. I saw some idiot talking head saying that "some on the FAR-left think that Summers is responsible for the crash" because of his support of deregulation. There IS no far left in the U.S. There is a far-left boogeyman that appears in the daydreams of certain people that is constantly being argued against, but in U.S. politics he doesn't really exist.

Every country that has recovered from the financial collapse such as followed from Lehman Bros failure has done so by increased exports. The US economy needs more jobs and some inflation. Summers would not help jobs and focus on inflation which is already too low.

d23:EyeballKid: GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.

Clearly, he is the most liberal socialist to ever liberally socialize a liberal socialist.

If he's a libby lib lib then I must be Attila the Hun.

Obama is a corporatist, my friend. I saw some idiot talking head saying that "some on the FAR-left think that Summers is responsible for the crash" because of his support of deregulation. There IS no far left in the U.S. There is a far-left boogeyman that appears in the daydreams of certain people that is constantly being argued against, but in U.S. politics he doesn't really exist.

But...but...but...but...Sarah Palin and Mitch McConnell and Sean Hannity and Lindsey Graham and Eric Cantor and Rand Paul and Hank Williams Jr. and Ted Cruz and Rick Santorum and Mike Huckabee and Chuck Norris et al. have sworn time and again that Barack Obama is like a socialist two-headed monster, if one head was Mao and the other was Che Guevara, that eats the children of anybody who enjoys freedom. Do you mean to tell me they've been disingenuous merely for the sake of advancing their (owners') personal agendas?

I've been wondering for a while if Larry Summers wasn't a sacrificial lamb for another nominee all along. Obama would have to be incredibly blind and out-of-touch to try and foist some Wall St. flunkie, Robert Rubin protege on people who have been begging Congress to re-regulate the financial sector for six farking years.

It would be awesome if he came out of nowhere with a nod to Joseph Stiglitz, or even Robert Reich,, but I'm not getting my hopes up.

cc_rider:Obama would have to be incredibly blind and out-of-touch to try and foist some Wall St. flunkie, Robert Rubin protege on people who have been begging Congress to re-regulate the financial sector for six farking years.

"Um...cough...yeah, that would be, um, gosh, ahhhhhh...really horrible, if uh, you know, if Obama were to uh, appoint somebody like that for, you know, that...uh...well, that is...that sort of job."

cc_rider:I've been wondering for a while if Larry Summers wasn't a sacrificial lamb for another nominee all along. Obama would have to be incredibly blind and out-of-touch to try and foist some Wall St. flunkie, Robert Rubin protege on people who have been begging Congress to re-regulate the financial sector for six farking years.

It would be awesome if he came out of nowhere with a nod to Joseph Stiglitz, or even Robert Reich,, but I'm not getting my hopes up.

For some reason Obama has been in the thrall of those "flunkies." My armchair psychology take is that despite his community organizer background Obama has a deep-seated need to be part of the arrogant, rich guy club. (These are the guys in class who think that they are the smartest in the room. When they compare their test results they think the instructor has made an error when he announces the highest test score, and it's not one of them.)

cc_rider:Obama would have to be incredibly blind and out-of-touch to try and foist some Wall St. flunkie

Krugman, Klein and others have speculated that from Obama's perspective, the administration's 2009 economic policies were a resounding success (even if Main St disagrees), and that Summers was a key part of that team.

d23:Obama is a corporatist, my friend. I saw some idiot talking head saying that "some on the FAR-left think that Summers is responsible for the crash" because of his support of deregulation. There IS no far left in the U.S. There is a far-left boogeyman that appears in the daydreams of certain people that is constantly being argued against, but in U.S. politics he doesn't really exist.

We exist, We just don't have much pull in the national political discussion at the moment.

I'm pretty far to the Left, politically at this point, and there are plenty of groups (the IWW, the AMFSC, etc) which are further left of me.

Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

Wat? I heard it was the other way around: Summers has the best record for deregulating the economy while Yellen has the best when it comes to predicting crises and the after effects. She is more likely to do something about unemployment too.

Cubicle Jockey:Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

Is it opposite day or something?

Arkanaut:Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

Oh yeah, Wall Street hates Summers so much they give him millions of dollars to "consult" for them.

FooDog:Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

It's the opposite. Wall Street loves Summers and don't know quite how to feel about Yellen.

Looks like the media campaign had its intended effect: Summers is an incompetent crony, and Yellen is a champion of the people.

This message brought to you by people who want to return to the same monetary and fiscal policies that made the Federal Reserve inevitable in the first place.

I love that conservative economists who believe the Fed is private and complain about it are opposed to privatization in this one instance. Wouldn't a private central bank do its job better than an eeeevil socialist one?

Tripp Johnston Private Eye:I love that conservative economists who believe the Fed is private and complain about it are opposed to privatization in this one instance. Wouldn't a private central bank do its job better than an eeeevil socialist one?

They mostly think they can hoard gold in their basements if only the Fed didn't cause so much hyperinflation.

From your link:In a poll last week of 47 Wall Street investment managers and strategists, Yellen was viewed as substantially more concerned about unemployment than Summers.

About a year ago I'm sure those very same bankers were telling people that Mitt Romney was more concerned about unemployment.

Whatever. You're making a claim based on an indirect reading of hidden intent from a vast conspiracy, which tells you that a lifelong academic and public servant is somehow in the palm of corporate America and its financial masters, as opposed to the person who has in fact been paid millions of dollars by banks and hedge funds, and who has in fact advocated for the policies that allowed them to pillage the economy at great profit.

From your link:In a poll last week of 47 Wall Street investment managers and strategists, Yellen was viewed as substantially more concerned about unemployment than Summers.

About a year ago I'm sure those very same bankers were telling people that Mitt Romney was more concerned about unemployment.

Whatever. You're making a claim based on an indirect reading of hidden intent from a vast conspiracy, which tells you that a lifelong academic and public servant is somehow in the palm of corporate America and its financial masters, as opposed to the person who has in fact been paid millions of dollars by banks and hedge funds, and who has in fact advocated for the policies that allowed them to pillage the economy at great profit.

Says the pollster. Do you even know who the "47 Wall Street investment managers and strategists" are? Maybe they talked to Bob, the President of Bob's Bank of Brooklyn. CNBC doesn't seem to have posted their data.

You're telling us to read into the survey that we should support Summers instead, even though Summers has personally helped create everything we hate Wall Street for.

Says the pollster. Do you even know who the "47 Wall Street investment managers and strategists" are? Maybe they talked to Bob, the President of Bob's Bank of Brooklyn. CNBC doesn't seem to have posted their data.

You're telling us to read into the survey that we should support Summers instead, even though Summers has personally helped create everything we hate Wall Street for.

No, you're right. CNBC lied about the poll results. In reality, the banks love Larry Summers and everything he's done for them. They instructed their surrogates in the media to trash him for the past two months because they feel they've made enough money and want to help out the little guy for a change.

Says the pollster. Do you even know who the "47 Wall Street investment managers and strategists" are? Maybe they talked to Bob, the President of Bob's Bank of Brooklyn. CNBC doesn't seem to have posted their data.

You're telling us to read into the survey that we should support Summers instead, even though Summers has personally helped create everything we hate Wall Street for.

No, you're right. CNBC lied about the poll results. In reality, the banks love Larry Summers and everything he's done for them. They instructed their surrogates in the media to trash him for the past two months because they feel they've made enough money and want to help out the little guy for a change.

So the results are 5-1 in favor of Yellen, right? So that's maybe 39-40 for, 7-8 against?

What if those 8 against are Goldman Sachs, Morgan Stanley, Citigroup, Bank Of America, JPM Chase, Wells Fargo, AIG, and GE Financial, and the 39 for are working for their smaller competitors who don't have a chance against the big boys with their implicit Fed backing?

This message brought to you by people who want to return to the same monetary and fiscal policies that made the Federal Reserve inevitable in the first place.

JP Morgan supported and pushed for the Federal Reserve (he actually wanted to see us take the next step and set up a completely independent central bank) because he was tired of bailing the US economy out all by himself.

I don't care so much about a CNBC poll of some stockbroker dudes, I care that a whole pile of economists really, really like her and she's never worked a day for some big bank. Oh, and Elizabeth Warren likes her, too.I'm sure when Larry Summers is sipping champagne on his yacht, dining on caviar with his beautiful mistress/trophy wife, he will feel a little bit sad about not getting the Fed chair. But I really don't want him anywhere near our economy any more.